H. B. 4010
(By Mr. Speaker, Mr. Kiss, and Delegate Trump)
[By Request of the Executive]
[Introduced January 14, 2004; referred to the
Committee on Finance.]
A BILL to amend the code of West Virginia, 1931, as amended, by
adding thereto a new section, designated §29-22-18c, relating
to transfers of unappropriated net profit between state
lottery fund and state excess lottery fund and between state
excess lottery fund and state lottery fund.
Be it enacted by the Legislature of West Virginia:
That the code of West Virginia, 1931, as amended, be amended
by adding thereto a new section, designated §29-22-18c, to read as
follows:
ARTICLE 29. STATE LOTTERY ACT.
§29-22-18c. Transfer of surplus net profits.
(a) In any fiscal year when an unappropriated surplus is
realized in the state lottery fund, created by section eighteen of
this article, the cabinet secretary of the department of tax and
revenue shall authorize the transfer of so much of the surplus net profit from the state lottery fund to the state excess lottery
fund, created in section eighteen-a of this article, as will offset
a real or anticipated deficit in the state excess lottery fund for
that fiscal year.
(b) In any fiscal year when an unappropriated surplus is
realized in the state excess lottery fund, created by section
eighteen-a of this article, the cabinet secretary of the department
of tax and revenue shall authorize the transfer of so much of the
surplus net profit from the state excess lottery fund to the state
lottery fund, created in section eighteen of this article, as will
offset a real or anticipated deficit in the state lottery fund for
that fiscal year before transferring any money from the state
excess lottery fund to the separate account in the state lottery
pursuant to the last clause of subsection (f), section eighteen-a
of this article.
(c)
Construction. -- In the event there is any conflict
between language in this section and that in any other section of
this code, the language of this section shall control.
NOTE: The purpose of this bill is to authorize the Secretary
of the Department of Tax and Revenue to authorize the transfer of
unappropriated surplus net profit from the state lottery fund to
the state excess lottery fund, and vice versa, when there is a
shortfall in the other fund.
This section is new; therefore, strike-throughs and
underscoring have been omitted.
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